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If you've had your offer accepted and are now considering canceling your purchase, the residential purchase agreement allows you to do so during your inspection due diligence period. This is common, and buyers are protected in such situations. If you complete your inspections and find issues you're not willing to accept, or if personal circumstances change, you can back out and retain your deposit. Many buyers worry about losing their deposit, but if it's within the specified due diligence timeframe—like a 15-day inspection period—you can cancel the escrow without penalty.